Gwangju Metropolitan City announced on the 21st that it had signed investment attraction memoranda of understanding (MOUs) for key strategic industries with seven promising companies in the automotive, artificial intelligence (AI), and energy sectors.

The companies are MPnics, Hyogwang, Syscon Robotics, Data to Energy, FOLME, Syspia, and HHS. These companies plan to newly establish or expand production and research facilities in Gwangju with a total investment of KRW 80.9 billion and, through this, create 351 new jobs. Gwangju Metropolitan City plans to provide various incentives such as tax reductions and subsidies, and to promptly resolve difficulties faced by companies to create a business-friendly investment environment.

MPnics will invest about KRW 55 billion in the Advanced Industrial Complex to build a production facility for ultra-small optical lenses, and Hyogwang will establish a production line for automotive sun visors in the Pyeongdong Industrial Complex. Syscon Robotics, FOLME, and HHS will set up research facilities in the AI Convergence District, while Data to Energy and Syspia will establish manufacturing and research bases in the Smart Energy Industrial District.

Gwangju Metropolitan City explained that over the past three years it has signed investment agreements with 372 companies, achieving total investment of KRW 4,535 billion and job creation for 32,269 people.

Sun Seok-gi, head of the Gwangju Free Economic Zone Authority, said, “The city will provide full support so that investing companies can grow into leading enterprises that drive future industries in Gwangju.”

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